Blaming management for the present share price is rather unfair...

Blaming management for the present share price is rather unfair and unjustified imo. After all this is a one for ten offer, not one for one. The level of dilution, therefore, is very modest and the fall in share price is totally disproportionate to the offer terms.
Prior to the offer announcement the share price was 24.5, and so technically ( jittery global markets aside), the share price should now still be between 23 and 24 cents. There has been an over reaction methinks.
My only concern is that given the water jv in china is to be consummated by a strategic placement to SIDRI ,which presumably would have handed clq a tidy sum, then perhaps we still have a while longer for this partnership to be formalised and this is perhaps the reason for the cr.